COVID19 fraud to be top priority at SBA ‘for many years,’ IG says

$89B in suspected frauds in EIDL and $4.6B suspected frauds in PPP with more than 1.4M complaints pending

     Suspected fraud in the massive COVID-19 relief programs for small businesses is at “alarming” levels that likely will be a top priority for the Small Business Administration for the next few years, according to a recent report from the SBA’s Inspector General Hannibal “Mike” Ware.

      The magnitude of SBA’s duties regarding those suspected frauds potentially may impede SBA’s capacity to address problematic issues in its other programs, Ware said. The affected programs may include those for small business federal contractors and entrepreneurs.

      The SBA’s Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) program initiated in March 2020 delivered nearly $1 trillion in aid to struggling small firms as of May 2021. There was $800 billion distributed under PPP and $197 billion under EIDL in the periods reviewed...more....

     

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